According to U.Today, a prominent developer in the Dogecoin community, Mishaboar, has issued a stern warning about the security of cryptocurrency seed phrases. He has expressed concern over the prevalent practice of storing seed phrases in online password managers such as LastPass, labeling these services as potentially susceptible to security breaches. Instead, Mishaboar has advised users to store their seed phrases offline in multiple secure locations. He emphasized that any seed phrase previously stored in an online password manager should be deemed compromised, and users should promptly transfer their Dogecoin to a new wallet.
Mishaboar also underscored the difficulties of maintaining a secure environment for managing seed phrases. He pointed out that even offline devices could be compromised by malware that captures data and transmits it once an internet connection is reestablished. He suggested using a newly set-up Raspberry Pi with a clean operating system and no network connections to type and store the seed phrase on an offline USB drive. Following this, the SD card should be thoroughly wiped to eliminate any potential threats.
Mishaboar noted that the level of security should correspond to the value of the cryptocurrency holdings. Given the volatile nature of cryptocurrencies, even small amounts can significantly appreciate in value over time, necessitating robust security measures. As Dogecoin and other digital assets continue to gain popularity and value, users must implement stringent measures to safeguard their investments, Mishaboar believes. He is not the only one to urge caution in the cryptocurrency sphere in recent times. For instance, Ethereum founder Vitalik Buterin recently warned against cryptocurrency scams masquerading as 'official' in a post on Farcaster.